Bending Spoons has acquired Airtable for $1.28 billion, a price that marks an 89% discount from the company's peak valuation. The deal, announced this week, underscores how market conditions have shifted for once-high-flying software startups and signals a wave of consolidation in the tech sector.
The price tag and the discount
Airtable, the no-code database platform that once commanded a valuation north of $11 billion, is now being sold for roughly one-ninth of that figure. The $1.28 billion acquisition price reflects the steep decline in valuations across the software industry as investors have grown more cautious about growth-at-any-cost business models. Bending Spoons, a Milan-based app developer known for acquiring and revitalizing struggling products, is paying entirely in cash, according to people familiar with the matter.
Why the valuation dropped
Airtable's peak valuation came during the pandemic-era tech boom, when low interest rates and surging demand for digital tools pushed startup prices to record highs. Since then, rising rates and a pullback in enterprise software spending have forced many companies to cut costs and seek buyers. Airtable itself had laid off staff and scaled back its ambitions in recent years. The 89% discount from its peak is one of the largest in recent tech M&A history, though the company declined to comment on its internal financials.
What Bending Spoons gets
Bending Spoons has built a reputation for buying underperforming apps — such as Evernote and Meetup — and turning them around through aggressive cost-cutting and product simplification. With Airtable, the company gains a widely used platform with millions of users, including teams at major corporations. The acquisition gives Bending Spoons a foothold in the enterprise software market, a shift from its consumer-app roots. Airtable's existing customers include companies like Netflix, Amazon, and The New York Times, though it's unclear whether those relationships will change under new ownership.
Bending Spoons has not disclosed its plans for Airtable's product roadmap, pricing, or workforce. The company typically moves quickly to integrate acquisitions, often reducing headcount and focusing on core features. Airtable's current CEO, Howie Liu, is expected to step down once the deal closes, though no exact timeline has been given. Users are watching for signs of changes to the platform's free tier and third-party integrations, which have been key to its popularity. The companies have not announced a closing date or any immediate operational shifts.
